Ethereum Price Forecast: ETH/USD Target Additional Gains

Ether’s price could target additional gains against the US dollar and bitcoin. ETH/USD will most likely extend gains beyond $815.00 in the near term.

Key Highlights

Ether’s price is holding the $800.00 psychological level with positive signs against the US dollar.

There is a strong support forming around $770.00-780.00 on the hourly chart of ETH/USD.

ETH/BTC may perhaps correct a few points before testing the 0.0850BTC resistance.

Technically, the hourly chart indicators are in the overbought levels with no major signal of a correction.

ETH/USD Could Test $840

ETH/USD traded to a new two-month high at $827.21 recently and is currently placed nicely in a bullish trend. The pair is moving within an uptrend and remains supported on the downside above $770.00.

ETH/BTC also gained traction during the past few sessions and settled above 0.0800BTC. The current price action suggests that the pair may correct lower a few points before resuming its upward move.

Looking at the hourly chart of ETH/USD, the pair is attempting a close above the $800.00 psychological level and a short-term resistance near $802.00. A successful hourly close above $802.00 and a couple of bullish candles above the stated level could set the tone for additional gains.

Above the recent high of $814.90, the price will most likely overcome the $820.00 resistance and test the next major barrier at $840.00. Should there be further gains above this last, Ether may test the $880.00 pivot level.

On the downside, there are two important bullish trendlines with support near $770.00-780.00. Therefore, a downward correction below $800.00 may well find a strong buying interest above $770.00.

Moving up to the 6-hour chart, there was a break above a connecting resistance trendline at $760.00, which is currently acting as a support and preventing a downward move. Additionally, there is a key bullish trendline in place with support at $760.00 on the same chart.

At this point, Ether’s price rise seems a bit overstretched. However, chances are of further upsides rather than a downward correction, and pullbacks will be seen as buying opportunities.

Important Resistance Levels

$820.00 and $840.00

Important Support Levels

$802.00 and $770.00

Hourly RSI

The RSI is moving further higher in the overbought zone.

Hourly MACD

The MACD is gaining momentum in the bullish zone.

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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